Kardemir announced a net profit of 558 million TL

Kardemir announced its financial results for the first quarter of this year. In the 1st quarter financial results of 2023; It achieved a net profit of 558 million TL, above the market expectation of 478 million TL.

Kardemir had a net profit of 641 million TL in the first quarter of 2023. The company's net profit in the first half of 2023 was 1.2 billion TL, falling behind the 2.29 billion TL achieved in the first half of last year. The company's net profit for the whole of 2022 was 2.174 billion TL.

Kardemir's production on a tonne basis was 1,071 thousand tonnes in the first half of last year, while production in the first half of this year was 1,161 thousand tonnes. Total production was 2,140 thousand tonnes in 2022. The company's liquid steel production, which was 1,129 thousand tonnes in the first half of last year, increased to 1,250 thousand tonnes in the first half of this year.

Net sales of main products increased from 1,029 thousand tonnes to 1,082 thousand tonnes in the same period. Looking at the distribution of total sales by product, billet sales ranked first with 375 thousand tonnes and ribbed rebar sales ranked second with 260 thousand tonnes in the first half of this year.

Although the average product prices of billet decreased compared to last year, it was observed that they started to increase in the first quarter of this year, but decreased again in the second quarter. The unit sales price of billet, which was $703/tonne in the same quarter of last year, increased to $791/tonne in the second quarter of 2022 and then decreased to $605/tonne in the last quarter. In the first quarter of this year, the average billet tonne price increased to $645 per tonne, but decreased to $633 per tonne in the second quarter.

The company, which closed 2022 with a net debt of $ 32 million, decreased its net debt to $ 4 million in the first 6 months of this year. Kardemir, which made a total investment expenditure of 62 million dollars in 2022, realised a total investment expenditure of 27 million dollars in the first quarter of this year.